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Investing.com - Swiss pharmaceutical giant Roche Holding (SIX:ROG) (OTC:RHHBY) was downgraded by Jefferies from Hold to Underperform on Monday, with its price target cut to CHF230.00 from CHF270.00.
The downgrade reflects Jefferies’ view that Roche is trading at approximately 10% premium to European peers on 2026 price-to-earnings ratio without the growth to justify such valuation, resulting in a price-earnings-to-growth ratio exceeding 2x.
Jefferies maintains revenue estimates similar to Roche’s own projections but warns that competitor updates expected in 2026 could pose significant threats to the company’s product portfolio.
The investment firm specifically highlighted that approximately one-third of Roche’s sales projected for 2030 could be exposed to competitive pressure, including key products Perjeta, Vabysmo, Alecensa, Ocrevus, and Hemlibra.
Jefferies also cautioned that relying on 2026 obesity treatment updates to support Roche’s valuation represents a risk, noting that the Phase III data are unlikely to demonstrate sufficient differentiation from competing products.
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